According to IMARC Group’s latest report “Debt Collection Software Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2021-2026”, the Global Debt Collection Software Market has exhibited a strong growth during the period 2015-2020. Looking ahead, IMARC Group expects the market to grow at a CAGR of around 11% during 2021-2026.
Debt collection software is a digital tool that automates the debt collection process. It facilitates the management of accounts receivable, interactions with clients, accounting reviews, etc. The debt collection software makes it possible to accelerate collections, negotiate with key customers in collaboration with business leaders, identify and resolve disputes, facilitate communication between departments, etc. It also provides a dashboard for debt collectors and managers, saves time on routine or unproductive tasks and speeds up debt collection. Debt collection software is widely used by various companies across the world to improve operational efficiency by providing greater coverage and seamless connectivity.
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Note: We regularly monitor the direct effect of COVID-19 on the market, as well as the indirect influence of related industries. These observations will be incorporated into the report.
The increasing levels of digitization in banking institutions are primarily pushing the debt collection software market to eliminate bad debt and automate revenue cycles. In addition to this, the growing need for a secure and centralized platform, which is easily accessible via smartphones or the web, for use by banks and collection agencies is further catalyzing the growth of the market. In addition, debt collection software is gaining traction in the healthcare industry to offer provider contact management, general document management, revenue cycle management, loan program administration to clients. patients, batch invoices and patient statements, an online patient portal, etc. important growth factor. Apart from this, the increasing adoption of various cloud computing technologies to increase the ease of sharing data and applications is expected to fuel the debt collection software market during the forecast period.
Breakdown by component:
Breakdown by deployment mode:
Breakdown by organization size:
- Small and medium enterprises
- Large companies
Breakdown by end user:
- Financial institutions
- Collection agencies
- Health care
- Telecoms and public services
Market breakdown by region:
- North America (United States, Canada)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, others)
- Middle East and Africa
Competitive landscape with Key Player:
- Chetu inc.
- EbixCash Financial Technologies
- Experian Information Solutions Inc.
- Fair Isaac Corporation
- Katabat Company (Ontario System)
- Nucleus Software Exports Ltd.
- Pegasystems Inc.
- TransUnion LLC.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are constantly monitoring changes in the markets, as well as the industrial behaviors of consumers around the world and our estimates on the latest market trends and forecasts are made afterwards. examining the impact of this pandemic.
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